Government Financial Statistics
Quarterly Fiscal Bulletin April – June 2015
Page 3
Other revenue included profit from oil, second tranche petroleum, interest, and trust and dividend income and totalled 478.9 million by 30
th
of June 2015.
2. Expenses
Expenses incurred by the end of the second quarter of 2015 by the GGoTL, PF and DF amounted to 457.6 million. The GGoTL which spent 393.8 million, DF spent 55.7 million whilst 8.1 million were
expenditures in the PF
3
.
a. General Government Expenditures
Expenditure categories for GGoTL are composed of:
Compensation of Employees was 9.3 higher than the 75.1 million spent by the end of the second quarter 2014, totalling 82.1 million by the 30
th
June 2015.
Use of Goods Services reached 106.6 million by the end of the second quarter of 2015 a 16.8 decrease compared to the same period of 2014.
Social benefits totalled 35.2 million in the end of the second quarter of 2015, 34.3 lower than was recorded in the same period of 2014. This reduction was mainly affected by a decrease of the current
transfer of personal benefits.
Other expenses more than doubled the amount recorded by the same date in 2014 and totalled 169.9 million by the 30
th
June 2015. This was mostly due to a strong increase in current transfer of public grants, which amounted to 165.3 million during the second quarter of 2015.
b. Donor Fund Expenditures
DF expenditures reached 55.7 million by the 30
th
June 2015. This was divided into 10.0 million were expenditures on compensation of employees, 22.6 million spent on use of goods and services and 23.1
million spent on other expenses.
c. Petroleum Fund Expenditures
PF expenses reached 453.1 million by the end of the Second quarter of 2015. 8.1 million were management fees and 445.0 was transfers to the GGoTL.
3. Net Operating Balance
The net operating balance is calculated as revenues i us e pe ses a d it sho s the Go e
e t’s a ilit to sustain its current level operations.
At the end of the second quarter of 2015, the GGoTL, DF and the PF were running a net operating surplus of 424.1 million. However petroleum revenues played a larger role in the overall fiscal surplus, as the net
operating balance for the GGoTL without the PF and DF was 126.9 million by the 30
th
June 2015.
3
8.1 million excludes grants from the PF to the GGoTL worth 445 million.
Government Financial Statistics
Quarterly Fiscal Bulletin April – June 2015
Page 4
4. Net Acquisition of Non-Financial Assets
Net acquisition of non-financial assets records t a sa tio s that ha ge GGoTL’s holdi gs of o -financial
assets. It is broadly equivalent to capital expenditure as recorded in the Charter of Accounts in Timor-Leste. At the end of the second quarter 2015 total acquisition of non-financial assets for the GGoTL including DF
and PF stood at 58.2million. 7.6 million was spent by DF and 50.5 million was spent by the GGoTL particularly on building and structures which totalled 45.1 million by the end of the second quarter of
2015.
5. Net LendingBorrowing
Net lending borrowing is the difference between revenues and total expenditures, taking into account the net acquisition of non financial assets. Net lending for the GGoTL with the PF and DF was 365.9
million at the end of the second quarter of 2015, taking into account the combination of total revenue, expenditures and acquisition of non-financial assets. This means that the GGoTL, the DF and the PF
incurred a surplus which is being invested in financial assets, but which was also affected by 6.3 million from loan disbursements at the close of the end of the second quarter 2015.
6. Net Acquisition of Financial Assets
The i ease i the Go e
e t’s holdi gs of fi a ial assets is e o ded u de et a uisitio of fi a ial assets. In the case of Timor-Leste, the net lending capacity is being invested, mostly through the PF, in a
range of financial assets including shares, securities, currency and deposits, cash and other equities. By the end of the second quarter of 2015, the net acquisition of financial assets for the GGoTL, DF and the
PF was 372.2 million. This was composed of two parts: 82.7 million was added to the cash balance in the CFTL and is equal to the gap between expenses and revenues in the GGoTL; whereas 289.5 million was
invested in financial instruments in the PF. The unrealized market value of financial assets is recorded under Other Economic Flows and reached
42.0 million by the end second quarter 2015
4
. This is recorded separately to the net acquisition of financial assets in table 5 of the annex, as it shows changes in value in PF investments.
7. Net Incurrence of Liabilities
